Bank Accounts

If you're not sure which bank deposit you need, high interest savings account, transaction banking or a term deposit, you can view many options below. Our bank account articles can also help inform you so you can make a selection. If you're looking specifically for savings accounts, see our Savings Accounts or Term Deposits sections.

Remember when comparing bank accounts on MoneyBuddy that while we have many listed we don't have every product or provider and you may not be able to compare some bank account features.

The list below is not to be taken as a recommendation or an endorsement of any product or provider. We do not have any details of your personal circumstances and therefore are unable to make a recommendation as to which product might be most suitable for you. The information is presented to you so that you may make a decision based on your personal circumstances. The information in the list is presented randomly.

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Warning: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Different Types Of Bank Accounts

Depending on what you need your bank account for, there are many different types of bank accounts out there for you. They include savings accounts, which usually give higher interest rates if you do not withdraw from your account, differing from transaction accounts which usually have lower interest rates but more options to transact with your money. Of course check the details on each account with the bank before applying. Below is a summary of each type of bank account.

Transaction Bank Accounts

Transaction bank accounts are the most common bank accounts. They offer a wide range of features, usually including online banking, ATM access, transactions and a variety of payment methods. Some transaction accounts charge fees in the form of either per transaction or a monthly fee.

Make sure you compare these fees before you sign up. Also note that if you are a student or under 18, you will often have your fees waived by most banks and lenders. Check before joining that they have a student offer.

Savings Bank Accounts

Savings accounts can often suit those who are trying to save and don't need instant access to their funds. These accounts often have restrictions on the amount of withdrawals you make per month (if they let you make any) and you often need to transfer first to a linked bank account. Sometimes you need to deposit a certain amount per month, to qualify for higher interest rates.

If you are trying to save, these bank accounts are usually worthwhile, as the interest rate on these accounts when compared to the regular bank account or transaction bank account, is normally higher.

Term Deposit Bank Accounts

Term deposit accounts offer a fixed rate of interest for the set term. Term deposits have major restrictions on how you can use your money. They require the money to be deposited in an account and usually not touched for an agreed periond of a few months to several years.

If you change your mind and decide to withdraw some money out of the term deposit before the required time has finished, then you will usually lose all the interest benefits earned on the account.

Kids Bank Accounts

Choosing a the right bank account for your little one can make sure they not only get a good start to their financial future, but also get involved and learn about the benefits of saving!

There are many banks offering specialised kids bank accounts with high bonus interest rewards which only children are allowed to receive. If you just open a regular old savings account you could miss out on this bonus interest!

Don't forget all the cool stuff as well, some banks have online games, activity books sent out, tokens to collect for prizes and much more. To have a look at all these different kids bank accounts, check out MoneyBuddy's Kids Savings Bank Accounts article.

Compare Bank Accounts

When you are going to compare bank accounts there are many features you should keep an eye out for. Among the most important are things such as interest rates, fees, minimum balance requirements or maximum allowable balance. On MoneyBuddy we list a lot of features, but when comparing remember we might not list all of them.

There are also user specific requirements that you may like to look at when you want to compare bank accounts. These could include things such as whether or not the bank account offers you ATM access and how much it charges to use ATM's or if the bank offers internet banking or has smartphone applications available.

The content of this website has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should not acquire any financial products before taking into account whether your selected products are appropriate to your personal circumstances, having regard to your own objectives, financial situation and needs. Whilst reasonable efforts are maintained to provide accurate, true and correct information, it is advised that you confirm the terms of any product or contract and consult the product disclosure statement before making a decision to apply to any product issuer. If you have any doubts, you should obtain legal and financial advice before acquiring any financial products.

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